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  • transferring a home before bankruptcy
    real estate,  personal bankruptcy

    Transferring a Home Before Bankruptcy

    September 26, 2019 / No Comments

    A reader asks: My father fell critically ill earlier this year. As a result, he is unable to pay his credit cards as he is not working. The bills are very large. He has no financial assets other than his a commercial property (owned outright). What options does he have? In relation, can the property be sold to my brother and/or proceeds transferred to him (inheritance), then my father proceed to file bankruptcy without repercussions? Here is a breakdown of his finances: $1.2m – commercial property – owned outright Approx 60-80k in credit card debt only Zero income stream from any source, sadly. My father is not a future planner.…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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  • Bankruptcy Discharge
    personal bankruptcy,  case studies

    Understanding the bankruptcy discharge (Video)

    May 22, 2019 / No Comments

    Summary Vincent has decided to file for bankruptcy. His Licensed Insolvency Trustee outlines what debts will be discharged in a bankruptcy and how long the process takes. Meet Vincent, a father of two young children. A recent separation has left him unable to meet his financial obligations. After having his options explained by a Licensed Insolvency Trustee, a professional whose duties are regulated by the Office of the Superintendent of Bankruptcy Canada, Vincent has decided that bankruptcy is the most appropriate solution to his financial troubles. The trustee explains that after fulfilling his bankruptcy obligations, his debts will be discharged and he will be free to start over financially. The…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • What to Expect if You File Bankruptcy
    personal bankruptcy,  case studies

    What to expect if you file for bankruptcy (Video)

    May 20, 2019 / No Comments

    Summary After talking with a Licensed Insolvency Trustee, David and Julie decide that bankruptcy is the most appropriate option to handle their debts. The trustee explains the way their creditors will be paid and what they will need to do during the bankruptcy process. It’s been a tough time for David and Julie —David has been laid off, credit card payments have slipped and the other bills are also falling behind. Thinking bankruptcy may be an option, he sits down and begins an online search to get information about the topic. He finds the Office of the Superintendent of Bankruptcy Canada, the federal organization that licenses and regulates Licensed Insolvency…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • keeping a car when filing bankruptcy in canada
    personal bankruptcy

    Can Creditors Take my Car?

    May 9, 2019 /

    “Can creditors take my car?“ This is a common question and the answer depends on the circumstances… If your car is financed and the lender has registered a lien against it, then you’ll need to continue making your loan payments. Otherwise, the lender will repossess the vehicle. Such a lender is called a “secured” lender in that it has security over your vehicle and has a right to repossess it in the event of non-payment of the loan. Now let’s suppose you own your car outright (i.e., it’s not subject to a loan), but you owe money to “unsecured” creditors like credit card companies, payday loans and the like. If…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    May 10, 2019
  • replacing a licensed insolvency trustee
    consumer proposal,  personal bankruptcy

    Replacing your Licensed Insolvency Trustee

    March 10, 2018 / No Comments

    So you’ve filed your personal bankruptcy or consumer proposal with a Licensed Insolvency Trustee but for whatever reason, you haven’t been happy with the service you’ve received. Is it possible to replace your Trustee? This will depend on the type of engagement you’re currently undergoing. CONSUMER PROPOSAL Your proposal hasn’t yet been approved If you’ve filed a consumer proposal and it’s been deemed approved by your creditors and the bankruptcy court (i.e., it’s been more than 60 days since the day your proposal was filed and no meeting of creditors has been called), then you’re stuck with your Trustee. However, if your consumer proposal has not yet been deemed approved…

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    Submitting a consumer proposal to your creditors (Video)

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  • rrsp when filing bankruptcy
    personal bankruptcy

    Keeping RRSPs When Filing Bankruptcy

    December 13, 2010 /

    There are 2 types of RRSPs: (1) RRSPs set up with a life insurance company; and (2) RRSPs set up anywhere else, like with a bank or mutual fund company. An RRSP set up with a life insurance company is also called a segregated fund. This type of RRSP will always have a designated beneficiary if the debtor dies. If the beneficiary of the RRSP is the child, grandchild, parent, grandparent, or spouse of the debtor, then the RRSP is exempt from seizure by a trustee in bankruptcy under the Ontario Insurance Act. Under the Bankruptcy and Insolvency Act, all other RRSPs are exempt from seizure by the trustee. However,…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    Creditor Proofing Tips for Business Owners

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    Can Creditors Take my Car?

    May 9, 2019
  • keeping a home when filing bankruptcy in canada
    personal bankruptcy,  real estate

    Keeping a Home When Filing Bankruptcy

    December 13, 2010 /

    One of the questions we’re most often asked is: “can I keep my home if I file for personal bankruptcy?” The answer to this question depends on your situation.There are 2 types of situations: The value of the debtor’s home is less than the mortgage balance; and The value of the home is more than the mortgage balance. Home Value < Mortgage Balance In this case, there is no equity. If there is no equity in the home and the debtor files for bankruptcy, the trustee has no interest in the home. It would be pointless for a trustee to sell the home and not even have enough money to…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • bankruptcy and gambling debt
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    Bankruptcy and Gambling Debt

    June 13, 2010 /

    Gambling has become a major problem in our society. I have come across many individuals who became heavily indebted because of compulsive gambling. Filing for personal bankruptcy is an option that naturally comes to mind if someone finds herself with a lot of gambling debt. However, there are a few things one should be made aware of: Filing personal bankruptcy does NOT automatically get rid of your debts. Filing bankruptcy only protects you from legal proceedings by your creditors (the legal term is “stay of proceedings”). To get rid of your debts, you must obtain your discharge from bankruptcy. For a first time bankrupt, a discharge will generally happen automatically…

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  • bankruptcy after divorce
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    Bankruptcy After Divorce

    September 22, 2006 / No Comments

    Introduction Divorce or marital breakdown is one of the most common causes of financial hardship, which often leads to a spouse filing for bankruptcy. The effect of family support obligations, the division of family assets, and the loss of income can have a devastating effect on both parties going through a separation. As these situations are becoming more common, we thought it would be worthwhile to provide an overview of this topic. This article will be divided into two sections: Matrimonial Property and Family Support Obligations. For ease in reviewing the issues at hand, we shall refer to these two parties as “husband” and “wife” and assume that: they are…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    Who is the Best Licensed Insolvency Trustee in Toronto?

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    Keeping RRSPs When Filing Bankruptcy

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    consumer proposal,  personal bankruptcy,  personal finance

    Creditor Proofing Tips for Business Owners

    October 22, 2005 / No Comments

    The failure of a prospective business owner to employ creditor proofing techniques before starting a business is a frequent cause of personal financial difficulties due to the failure of a business and the attendant business-related liabilities personally owed by the company owner. These individuals must often file for personal bankruptcy or make a consumer proposal to their creditors as result of business-related debts. Debtors completing their bankruptcy/ proposal often wish to start up another business sometime in the near future. The expected question then arises: how can they creditor-proof themselves in the event that their new business fails? Here are some ideas: Creditor proofing techniques 1. Consider incorporating the business.…

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Client Reviews

Fong & Partners Inc. - Consumer Proposal & Licensed Insolvency Trustee
Fong & Partners Inc. - Consumer Proposal & Licensed Insolvency Trustee
5.0
Based on 44 reviews
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Ursula Purvis
Ursula Purvis
19:51 04 Jun 20
Being free of this large and daunting debt wasn’t something we thought was attainable 5 years ago but with the kind... and professional help of Victor and Mary, we are officially debt free today! We are beyond grateful and highly recommend them if you are looking for a stress free and reliable help in becoming debt free!read more
Sarah A Maezing
Sarah A Maezing
13:41 01 Jun 20
I wish I could give Victor 100 freaking stars!!! He is an intelligent professional with an awesome heart. He was very... helpful with advice and explained processes in a way that was stress free and easy to understand. If you need help with finances, stop looking and hire this man!read more
Beruk Abdisa
Beruk Abdisa
18:35 28 May 20
They helped me get my debts resolved, they are very good and I would recommend them to anyone and everyone. Thank you
Darwin Palma
Darwin Palma
00:56 28 Apr 20
I have only good words to say about Fong & Partners, Inc. From the very beginning they were very helpful, very patient... and supportive, and also very straightforward about the process. I'm very glad to have had them by my side through this ordeal.read more
Shah Ahsan
Shah Ahsan
17:36 08 Apr 20
Victor is a professional, honest and transparent insolvency trustee that has handled my case very well from start to... finish. Throughout the process, he has been reliable and communicative. I cannot thank him enough for his help in rehabilitating my previously dire financial situation.read more
Jason Gittens
Jason Gittens
19:19 26 Feb 20
Kind understanding people, very professional and were able to make the whole process really easy and convenient. I... highly recommend them. I likely won't be a return customer, and thats a good thing here. But if i ever had any family or friends who needed their help and expertise, i would not hesitate to recommend Fong and partners, thank you!read more
A. Brown
A. Brown
13:12 05 Feb 20
A family member had been having some debt problems, and I took her in to see Victor, after having read other google... reviews. He was very prompt in replying to my initial email inquiry and slotted us in for the next day. After reviewing all of her financial information, he concluded that it would not be in her best interest to file for bankruptcy. That really impressed me, because he does not make a dime telling us that. He could easily have gone ahead and started a bankruptcy for her and earned himself some fees, but he instead advised her on a course of action that would be most beneficial to her. You don't always see that level of honesty and integrity in the marketplace these days. Thanks, Victor.read more
Balazs Bagi
Balazs Bagi
16:41 22 Jan 20
Went and visiting Vic at his office, and he was able to help me take a closer look at my situation. His advice helped... me understand that I'm in better shape than I thought, but if I ever needed help with a proposal or bankruptcy, I wouldn't hesitate to come back and work with Fong & Partners. Thanks Vic!read more
Steve Brown
Steve Brown
15:30 09 Jan 20
Victor and Mary are great to work with. They always respond quickly to questions by email. They are very professional... and not at all judgmental. They took all the stress away and provide good financial advice.read more
Sara Liborio
Sara Liborio
19:06 08 Jan 20
I was dealing with a lot of debt on my own. I was very proud of my credit score it had been very high for many years.... It was a sense of pride to keep it in good standings. One day, feeling weighed down by this crippling debt, (most of which was not even mine) I knew I needed help. Personally, I did not feel well in claiming Bankruptcy, I wanted to take ownership of the debt but I knew it was so overwhelming and I needed help. My cousin told me about Fong and Partners. I read a few reviews and made an appointment. It was very comprehensive, Mary and Victor were very kind and reassuring. I made a 5 year payment plan that was easy enough to maintain and here we are! I am debt free! I am very grateful for the support I received at Fong and Partners and look forward to living a life as debt free as possible and rebuilding my credit score! Thank you very much Fong and Partners!read more
Mike Ross
Mike Ross
17:38 25 Nov 19
My wife and I are contemplating filing for bankruptcy but wanted to know all of our options so we could make an... informed decision. Victor was very insightful and answered all of our questions. You're in good hands with Victor Fong.read more
shokofeh rezai
shokofeh rezai
18:05 20 Nov 19
If your debts are stressing you out and you need a way out Fong and Partners should be your go to. Victor has been... helpful and patient. He will provide you with the best possible solutions to get out of your debts. Highly recommended.read more
Phillip Tanner
Phillip Tanner
17:36 14 Oct 19
Vic really knows his stuff, he was able to clearly explain what I needed to do and what my options were and how to... navigate all the paths. Gave me a lot of peace of mind.read more
Péter Zoltán
Péter Zoltán
08:11 21 Sep 19
In a desperate time he shows professionalism in explaining everything meticulously and if needed once more and once... more and once more... But what I appreciate even more is that years after the discharge he still helps in case of emergency - i just got a collection note of a discharged item, and he answered my help request within 25 minutes!!! You can trust himread more
Humayun N. Khan
Humayun N. Khan
02:51 20 Sep 19
It is very difficult to discuss financials with somebody, especially when a family is in a troubled time. It is during... these vulnerable times that Victor came forward and offered to help in every way he could. He is a service to the whole community and answers all questions honestly, openly, and gives the right guidance. He gave the pros and cons of our situation, and just speaking with him with his prompt replies made us feel at ease and see light at the end of the tunnel. While we're based in Alberta, and Victor in Toronto, he has full knowledge of laws in all of Canada and provided us a referral to someone that can help and that has worked with him. We firmly believe that Victor is not in this business solely to make money; he gets pleasure out of helping people, guiding people, and solving people's problems. A sincere thank you, Victor!read more
Caitlin O'Leary
Caitlin O'Leary
16:52 16 Sep 19
I couldn't be happier. Victor and his team have been very supportive, helpful and flexible throughout my contract. I... am thrilled to now be debt free!read more
Patrick Dingli
Patrick Dingli
02:18 31 May 19
Victor was a huge help in a time of need. If you’re in need of his services. He won’t let you down.
Heather Whittle
Heather Whittle
14:03 16 May 19
I had the pleasure of working with Victor Fong for a number of years. Extremely professional, non-judgmental and... sympathetic. One of the best in the business! I recommend Victor above all others to help you get a fresh financial start! All the best Victor!read more
Kamila Nachtmann
Kamila Nachtmann
22:25 10 Oct 18
Going through financial troubles and bankruptcy is emotionally draining. Victor and Mary are professional,... understanding and very helpful. They make you feel comfortable. So important to know you are in good hands. Very helpful and responsive, even long after the file is closed. Such a heavy weight lifted to be able to start fresh! I can't thank them enough!!! If you need help , do not look anywhere else.read more
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